Non Kinsey, Residential Property Solicitor at Harding Evans Solicitors in Newport answers your property questions.
Q: I am buying a house from a relative and I am very familiar with the property, do I need to obtain search reports?
A: If you are buying the property with the help of a mortgage then it would generally be a requirement of the lender that searches are carried out. If you are a cash buyer it is not a requirement, although we would strongly advise that you obtain searches to ensure that there are no risks to you when you acquire the property or any risk in the future. In the event that you decide against obtaining search reports we would require you to sign a waiver to confirm that you understand the risks.
Q: I am switching mortgage lenders and have been told by my new mortgage lender that I have to instruct a solicitor to act for me. This seems more complicated than I had expected, is this necessary?
A: Yes. Your new lender will require a charge to be registered on your property. Your new lender will also require that various checks are carried out, similar to when you purchase a property, to ensure that there are no risks to them in securing the mortgage against the property. The Solicitor will obtain a redemption figure from any existing lenders and request the new mortgage funds from your new lender when all checks have been carried out. The new mortgage funds are used to pay off your existing mortgage. Your Solicitor will then contact the Land Registry to remove the existing lender’s charge and replace with the charge of the new lender.
Q: I own the Leasehold of my house, however I wish to also own the Freehold to avoid having to pay the annual Ground Rent. What steps must I take?
A: One of the most important factors to consider is how long you have owned the property. If you have owned the house for more than 2 years you have an automatic right to purchase the freehold. If not the landlord does not have to sell the freehold to you. If you have owned the property for 2 years and the landlord refuses to agree to the sale, then formal legal action can be taken under the Leasehold Reform Act 1967 and relevant notices served on the freeholder to force them to comply with the sale to you.
Harding Evans has a wealth of experience in both commercial and residential property and we are supported by the latest case management systems and established processes to ensure that your move proceeds smoothly. If you have any questions regarding buying or selling a property or you’re looking for a conveyancing quote – please get in touch with one of our specialist solicitors today on 01633 235140.
*While every effort has been made to ensure the accuracy of the information provided above, it does not constitute legal advice and cannot be relied upon as such. Please seek legal advice for your individual case.
HardingEvans are a multi-disciplinary law firm with an award-winning residential property team who specialise in buying, selling and re-mortgages with fixed-fee rates and no hidden costs.
Please get in touch at: firstname.lastname@example.org, 01633 235140, 2 North Street, Newport, NP201TE